CANADA STOCKS-TSX inches higher on support from energy, mining stocks

- Advertisement -


(updates price, adds analyst comments)

- Advertisement -

Nov 16 (Businesshala) – Canada’s main stock index rose on Tuesday with gains in commodity-focused stocks, though Treasury and domestic bond yields rose after strong US retail sales and bearish signs in the local housing market.

- Advertisement -

At 9:51 a.m. ET (14:51 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index was up 45.21 points, or 0.21%, at 21,728.29.

Canada’s benchmark bond yield rose 2 basis points (bps) on the day to touch its highest level since May 2019 of 1.777%, while the benchmark Treasury yield rose nearly 1 bps to 1.62% at 9:58 a.m. ET. happened.

- Advertisement -

Data shows US retail sales grew more than expected in October.

“If we suddenly see that Treasury yields have risen and if they crawl higher to touch the 2% mark, that’s a near-term risk to the market,” said Gregory Taylor, portfolio manager at Purpose. , which is associated with inflationary risks.” Investment.

An increase in bond yields generally does not bode well for gold prices as it increases the opportunity cost of holding gold, affecting risk sentiment for commodity-heavy stock indexes.

The energy sector climbed 0.2%, while US crude oil prices were down 0.7% a barrel, while Brent crude declined 0.4%.

The materials sector, which includes precious and base metal miners and fertilizer companies, added 0.1%.

Producer prices in Canada on higher prices for energy and petroleum products increased by 1.3% in October compared to the previous month, while data showed Canadian housing starts declined 5.3% in October .

highlighted

The TSX posted seven new 52-week highs and a new low.

All Canadian issues had 49 new 52-week highs and 15 new lows, with a total volume of 48.99 million shares. (Reporting by Shashank Nair in Bengaluru; Editing by Aditya Soni and Krishna Chandra Eluri)

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox